Sharjah low-cost carrier Air Arabia said on Wednesday its overall exposure of $336 million to ailing private equity firm Abraaj Group has no significant impact on the airline's operations or cash flow.
"We would like to emphasise that there is no significant impact on Air Arabia's daily or future business or on its liquidity status and the business is operating as usual," a spokeswoman for Air Arabia said in an emailed statement to The National.
The $336m exposure is through fund portfolios and short-term investments. Further updates on the matter will be made as and when available, the statement added.
On Tuesday, the Grand Court of the Cayman Islands approved Abraaj’s application for a court supervised restructuring, enabling the buyout firm to re-order its liabilities and pursue the sale of its funds management business in the interest of the majority of stakeholders.
Air Arabia’s statement added that the carrier has, like other Abraaj creditors, appointed a party to represent its interests in court while the provisional liquidation is carried out.
Air Arabia’s stock price fell by more than 7 per cent on Monday amid news of its investment in Abraaj. Its share price continued to slide on Tuesday, although it ended the day flat. The stock continued to fluctuate on Wednesday and closed down 0.95 per cent.
“As part of the Air Arabia Group investment portfolio, the carrier has an investment in Abraaj funds,” an Air Arabia spokeswoman said in a statement on Monday.
“Air Arabia has appointed a team of experts who are actively engaged with all stakeholders and creditors involved with the matter to ensure Air Arabia’s investment and business interest is protected.”
The spokeswoman declined to say whether selling the stake in Abraaj is one option being explored, and Abraaj on Monday declined to comment on its connection with Air Arabia.
The Middle East’s biggest private equity company, which at its peak had more than $13.6 billion of assets under management, is facing allegations that it misused funds in a healthcare investment vehicle. The $1bn Abraaj Growth Markets Health Fund deployed capital from investors including the Bill & Melinda Gates Foundation, the World Bank’s International Finance Corporation, the UK’s CDC Group and Proparco Group of France.
These four out of a total 24 investors requested an audit of the health fund and engaged Ankura Consulting to find out what had happened to some of the money invested in the fund, according to an Abraaj spokesman. Abraaj denies any wrongdoing.
In its statement on Tuesday, Abraaj said the Cayman court also approved a request for a provisional liquidation of Abraaj’s fund management business, which Abraaj has been hoping to sell this year along with its stakes in other companies to resolve liquidity issues.
Air Arabia posted a 5 per cent rise in net profit for the first quarter of 2018, beating analysts' forecasts, on the back of strong demand and cost reduction.
Retail gloom
Online grocer Ocado revealed retail sales fell 5.7 per cen in its first quarter as customers switched back to pre-pandemic shopping patterns.
It was a tough comparison from a year earlier, when the UK was in lockdown, but on a two-year basis its retail division, a joint venture with Marks&Spencer, rose 31.7 per cent over the quarter.
The group added that a 15 per cent drop in customer basket size offset an 11.6. per cent rise in the number of customer transactions.
Fixtures:
Thursday:
Hatta v Al Jazira, 4.55pm
Al Wasl v Dibba, 7.45pm
Friday:
Al Dhafra v Al Nasr, 5.05pm
Shabab Al Ahli Dubai v Al Wahda, 7.45pm
Saturday:
Ajman v Emirates, 4.55pm
Al Ain v Sharjah, 7.45pm
F1 drivers' standings
1. Lewis Hamilton, Mercedes 281
2. Sebastian Vettel, Ferrari 247
3. Valtteri Bottas, Mercedes 222
4. Daniel Ricciardo, Red Bull 177
5. Kimi Raikkonen, Ferrari 138
6. Max Verstappen, Red Bull 93
7. Sergio Perez, Force India 86
8. Esteban Ocon, Force India 56
GOODBYE%20JULIA
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EMohamed%20Kordofani%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3ESiran%20Riak%2C%20Eiman%20Yousif%2C%20Nazar%20Goma%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%205%2F5%3C%2Fp%3E%0A
The Bio
Hometown: Bogota, Colombia
Favourite place to relax in UAE: the desert around Al Mleiha in Sharjah or the eastern mangroves in Abu Dhabi
The one book everyone should read: 100 Years of Solitude by Gabriel Garcia Marquez. It will make your mind fly
Favourite documentary: Chasing Coral by Jeff Orlowski. It's a good reality check about one of the most valued ecosystems for humanity
The specs: Lamborghini Aventador SVJ
Price, base: Dh1,731,672
Engine: 6.5-litre V12
Gearbox: Seven-speed automatic
Power: 770hp @ 8,500rpm
Torque: 720Nm @ 6,750rpm
Fuel economy: 19.6L / 100km
The 12 breakaway clubs
England
Arsenal, Chelsea, Liverpool, Manchester City, Manchester United, Tottenham Hotspur
Italy
AC Milan, Inter Milan, Juventus
Spain
Atletico Madrid, Barcelona, Real Madrid
RESULT
Manchester United 2 Burnley 2
Man United: Lingard (53', 90' 1)
Burnley: Barnes (3'), Defour (36')
Man of the Match: Jesse Lingard (Manchester United)
How to help
Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200
More Expo 2020 Dubai pavilions:
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
Book%20Details
%3Cp%3E%3Cem%3EThree%20Centuries%20of%20Travel%20Writing%20by%20Muslim%20Women%3C%2Fem%3E%3Cbr%3E%3Cstrong%3EEditors%3A%20%3C%2Fstrong%3ESiobhan%20Lambert-Hurley%2C%20Daniel%20Majchrowicz%2C%20Sunil%20Sharma%3Cbr%3E%3Cstrong%3EPublisher%3A%20%3C%2Fstrong%3EIndiana%20University%20Press%3B%20532%20pages%3Cbr%3E%3C%2Fp%3E%0A
RESULTS
%3Cp%3E%0D%3Cstrong%3E1.45pm%3A%3C%2Fstrong%3E%20Green%20Oasis%20Trading%20%E2%80%93%20Maiden%20(PA)%20Dh50%2C000%20(Dirt)%201%2C400m%0D%3Cbr%3E%3Cstrong%3EWinner%3A%3C%2Fstrong%3E%20Meeqat%2C%20Saif%20Al%20Balushi%20(jockey)%2C%20Khalifa%20Al%20Neyadi%20(trainer)%0D%3Cbr%3E%3Cstrong%3E2.15pm%3A%20%3C%2Fstrong%3EAl%20Shafar%20Investment%20%E2%80%93%20Maiden%20(TB)%20Dh60%2C000%20(D)%201%2C400m%0D%3Cbr%3E%3Cstrong%3EWinner%3A%3C%2Fstrong%3E%20Flying%20Hunter%2C%20Ray%20Dawson%2C%20Ahmad%20bin%20Harmash%0D%3Cbr%3E%3Cstrong%3E2.45pm%3A%20%3C%2Fstrong%3EThe%20Union%2051%20Cup%20%E2%80%93%20Handicap%20(TB)%20Dh84%2C000%20(D)%201%2C400m%0D%3Cbr%3E%3Cstrong%3EWinner%3A%3C%2Fstrong%3E%20Ibra%20Attack%2C%20Adrie%20de%20Vries%2C%20Ahmed%20Al%20Shemaili%0D%3Cbr%3E%3Cstrong%3E3.15pm%3A%3C%2Fstrong%3E%20ASCANA%20Thakaful%20%E2%80%93%20Maiden%20(TB)%20Dh60%2C000%20(D)%201%2C200m%0D%3Cbr%3E%3Cstrong%3EWinner%3A%3C%2Fstrong%3E%20Onda%20Ruggente%2C%20Royston%20Ffrench%2C%20Salem%20bin%20Ghadayer%0D%3Cbr%3E%3Cstrong%3E3.45pm%3A%20%3C%2Fstrong%3ECommercial%20Bank%20of%20Dubai%20%E2%80%93%20Handicap%20(TB)%20Dh76%2C000%20(D)%201%2C200m%0D%3Cbr%3EWinner%3A%20Dignity%20Joy%2C%20Antonio%20Fresu%2C%20Musabah%20Al%20Muhairi%0D%3Cbr%3E%3Cstrong%3E4.15pm%3A%20%3C%2Fstrong%3EDubai%20Real%20Estate%20Centre%20%E2%80%93%20Handicap%20(TB)%20Dh76%2C000%20(D)%201%2C600m%0D%3Cbr%3E%3Cstrong%3EWinner%3A%3C%2Fstrong%3E%20Tolmount%2C%20Xavier%20Ziani%2C%20Salem%20bin%20Ghadayer%0D%3Cbr%3E%3Cstrong%3E4.45pm%3A%20%3C%2Fstrong%3EJebel%20Ali%20Racecourse%20%E2%80%93%20Handicap%20(TB)%20Dh84%2C000%20(D)%201%2C950m%0D%3Cbr%3E%3Cstrong%3EWinner%3A%20%3C%2Fstrong%3ERakeez%2C%20Tadhg%20O%E2%80%99Shea%2C%20Bhupat%20Seemar%3C%2Fp%3E%0A
The%20Letter%20Writer
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Layla%20Kaylif%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Eslam%20Al%20Kawarit%2C%20Rosy%20McEwen%2C%20Muhammad%20Amir%20Nawaz%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%202%2F5%3C%2Fp%3E%0A
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
Nancy 9 (Hassa Beek)
Nancy Ajram
(In2Musica)
Avengers: Endgame
Directors: Anthony Russo, Joe Russo
Starring: Robert Downey Jr, Chris Evans, Scarlett Johansson, Chris Hemsworth, Josh Brolin
4/5 stars
PROFILE OF CURE.FIT
Started: July 2016
Founders: Mukesh Bansal and Ankit Nagori
Based: Bangalore, India
Sector: Health & wellness
Size: 500 employees
Investment: $250 million
Investors: Accel, Oaktree Capital (US); Chiratae Ventures, Epiq Capital, Innoven Capital, Kalaari Capital, Kotak Mahindra Bank, Piramal Group’s Anand Piramal, Pratithi Investment Trust, Ratan Tata (India); and Unilever Ventures (Unilever’s global venture capital arm)
Brief scores:
Southampton 2
Armstrong 13', Soares 20'
Manchester United 2
Lukaku 33', Herrera 39'
The specs
Price, base / as tested Dh1,100,000 (est)
Engine 5.2-litre V10
Gearbox seven-speed dual clutch
Power 630bhp @ 8,000rpm
Torque 600Nm @ 6,500rpm
Fuel economy, combined 15.7L / 100km (est)
ENGLAND SQUAD
Joe Root (c), Moeen Ali, Jimmy Anderson, Jonny Bairstow, Stuart Broad, Jos Buttler, Alastair Cook, Sam Curran, Keaton Jennings, Ollie Pope, Adil Rashid, Ben Stokes, James Vince, Chris Woakes
Related
The%20specs%3A%202024%20Mercedes%20E200
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E2.0-litre%20four-cyl%20turbo%20%2B%20mild%20hybrid%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E204hp%20at%205%2C800rpm%20%2B23hp%20hybrid%20boost%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E320Nm%20at%201%2C800rpm%20%2B205Nm%20hybrid%20boost%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E9-speed%20auto%0D%3Cbr%3E%3Cstrong%3EFuel%20consumption%3A%20%3C%2Fstrong%3E7.3L%2F100km%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENovember%2FDecember%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh205%2C000%20(estimate)%3C%2Fp%3E%0A
Virtuzone GCC Sixes
Date and venue Friday and Saturday, ICC Academy, Dubai Sports City
Time Matches start at 9am
Groups
A Blighty Ducks, Darjeeling Colts, Darjeeling Social, Dubai Wombats; B Darjeeling Veterans, Kuwait Casuals, Loose Cannons, Savannah Lions; C Awali Taverners, Darjeeling, Dromedary, Darjeeling Good Eggs
UAE-based players
Goodlands Riders: Jamshaid Butt, Ali Abid, JD Mahesh, Vibhor Shahi, Faizan Asif, Nadeem Rahim
Rose Hill Warriors: Faraz Sheikh, Ashok Kumar, Thabreez Ali, Janaka Chathuranga, Muzammil Afridi, Ameer Hamza
What is dialysis?
Dialysis is a way of cleaning your blood when your kidneys fail and can no longer do the job.
It gets rid of your body's wastes, extra salt and water, and helps to control your blood pressure. The main cause of kidney failure is diabetes and hypertension.
There are two kinds of dialysis — haemodialysis and peritoneal.
In haemodialysis, blood is pumped out of your body to an artificial kidney machine that filter your blood and returns it to your body by tubes.
In peritoneal dialysis, the inside lining of your own belly acts as a natural filter. Wastes are taken out by means of a cleansing fluid which is washed in and out of your belly in cycles.
It isn’t an option for everyone but if eligible, can be done at home by the patient or caregiver. This, as opposed to home haemodialysis, is covered by insurance in the UAE.
Seven tips from Emirates NBD
1. Never respond to e-mails, calls or messages asking for account, card or internet banking details
2. Never store a card PIN (personal identification number) in your mobile or in your wallet
3. Ensure online shopping websites are secure and verified before providing card details
4. Change passwords periodically as a precautionary measure
5. Never share authentication data such as passwords, card PINs and OTPs (one-time passwords) with third parties
6. Track bank notifications regarding transaction discrepancies
7. Report lost or stolen debit and credit cards immediately
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
Results
5.30pm: Maiden (TB) Dh82,500 (Turf) 1,400m; Winner: Mcmanaman, Sam Hitchcock (jockey), Doug Watson (trainer)
6.05pm: Handicap (TB) Dh87,500 (T) 1,400m; Winner: Bawaasil, Sam Hitchcott, Doug Watson
6.40pm: Handicap (TB) Dh105,000 (Dirt) 1,400m; Winner: Bochart, Fabrice Veron, Satish Seemar
7.15pm: Handicap (TB) Dh105,000 (T) 1,200m; Winner: Mutaraffa, Antonio Fresu, Musabah Al Muhairi
7.50pm: Longines Stakes – Conditions (TB) Dh120,00 (D) 1,900m; Winner: Rare Ninja, Royston Ffrench, Salem bin Ghadayer
8.25pm: Zabeel Trophy – Rated Conditions (TB) Dh120,000 (T) 1,600m; Winner: Alfareeq, Antonio Fresu, Musabah Al Muhairi
9pm: Handicap (TB) Dh105,000 (T) 2,410m; Winner: Good Tidings, Antonio Fresu, Musabah Al Muhairi
9.35pm: Handicap (TB) Dh92,500 (T) 2,000m; Winner: Zorion, Abdul Aziz Al Balushi, Helal Al Alawi
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
UK-EU trade at a glance
EU fishing vessels guaranteed access to UK waters for 12 years
Co-operation on security initiatives and procurement of defence products
Youth experience scheme to work, study or volunteer in UK and EU countries
Smoother border management with use of e-gates
Cutting red tape on import and export of food
If you go
Flights
Emirates flies from Dubai to Phnom Penh with a stop in Yangon from Dh3,075, and Etihad flies from Abu Dhabi to Phnom Penh with its partner Bangkok Airlines from Dh2,763. These trips take about nine hours each and both include taxes. From there, a road transfer takes at least four hours; airlines including KC Airlines (www.kcairlines.com) offer quick connecting flights from Phnom Penh to Sihanoukville from about $100 (Dh367) return including taxes. Air Asia, Malindo Air and Malaysian Airlines fly direct from Kuala Lumpur to Sihanoukville from $54 each way. Next year, direct flights are due to launch between Bangkok and Sihanoukville, which will cut the journey time by a third.
The stay
Rooms at Alila Villas Koh Russey (www.alilahotels.com/ kohrussey) cost from $385 per night including taxes.
Results
Women finals: 48kg - Urantsetseg Munkhbat (MGL) bt Distria Krasniqi (KOS); 52kg - Odette Guiffrida (ITA) bt Majlinda Kelmendi (KOS); 57kg - Nora Gjakova (KOS) bt Anastasiia Konkina (Rus)
Men’s finals: 60kg - Amiran Papinashvili (GEO) bt Francisco Garrigos (ESP); 66kg - Vazha Margvelashvili (Geo) bt Yerlan Serikzhanov (KAZ)
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
DUBAI%20BLING%3A%20EPISODE%201
%3Cp%3E%3Cstrong%3ECreator%3A%20%3C%2Fstrong%3ENetflix%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3EKris%20Fade%2C%20Ebraheem%20Al%20Samadi%2C%20Zeina%20Khoury%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%202%2F5%3C%2Fp%3E%0A
MATCH INFO
Austria 2
Hinteregger (53'), Schopf (69')
Germany 1
Ozil (11')
Abu%20Dhabi%E2%80%99s%20Racecard
%3Cp%3E%0D5pm%3A%20Al%20Bithnah%20%E2%80%93%20Maiden%20(PA)%20Dh80%2C000%20(Turf)%201%2C200m%0D%3Cbr%3E5.30pm%3A%20Al%20Khari%20%E2%80%93%20Hanidcap%20(PA)%20Dh80%2C000%20(T)%201%2C200m%0D%3Cbr%3E6pm%3A%20Al%20Qor%20%E2%80%93%20Handicap%20(PA)%20Dh80%2C000%20(T)%201%2C600m%0D%3Cbr%3E6.30pm%3A%20Wathba%20Stallions%20Cup%20%E2%80%93%20Handicap%20(PA)%20Dh70%2C000%20(T)%201%2C600m%0D%3Cbr%3E7pm%3A%20Al%20Badiyah%20%E2%80%93%20Handicap%20(PA)%20Dh80%2C000%20(T)%202%2C200m%0D%3Cbr%3E7.30pm%3A%20Al%20Hayl%20%E2%80%93%20Handicap%20(TB)%20Dh80%2C000%20(T)%202%2C200m%3C%2Fp%3E%0A